Trump says USMCA doesn’t lift steel, aluminum tariffs

U.S President Donald Trump praised the deal, saying in a tweet this morning that negotiators had crafted a "wonderful new trade deal with Canada", that "solves the many deficiencies and mistakes in NAFTA, greatly opens markets to our farmers and manufacturers, reduce trade barriers to the us and will bring all three great nations closer together".

President Donald Trump on Monday hailed a U.S. trade pact with Canada and Mexico, which replaces the old NAFTA deal, as a historic agreement set to turn North America back into a "manufacturing powerhouse" and fuel United States economic expansion.

"Canadian workers need their government to fight for trade deals that work for them". Some trade hawks see them as an infringement on American sovereignty, but they serve to ensure a fair process to everyone.

Weigh that against ending the threat of big tariffs against Canadian-made cars exported to the United States, and a ceiling on Canadian auto exports that is well above what Canada now sends south of the border. "So if you comply with the rules of origin, there's no way you are subject to 232 tariffs", Ujczo said.

A senior Canadian government official says the USA and Canada have reached the basis of a free trade deal.

The $1.2 trillion trade agreement replaces the North American Free Trade Agreement, which Trump vowed to repeal during his presidential campaign.

Canada gave up some access to its dairy, egg and poultry industries but will keep its agricultural supply management system and avoid punishing auto tariffs under the new deal.

Like all negotiations, there was horse trading, but for the Canada there were elements of the new pact that could be viewed as victories.

"It does mean that there is going to be more supply in Canada, and in theory, that could mean better retail prices on dairy products such as cheese and milk."

Ottawa, for instance, got its way over NAFTA's Chapter 19 dispute settlement mechanism, which remains largely untouched, though it is now part of a different chapter.

US, Canada in last-minute NAFTA deal
The two sides were hoping to finalize the pact overnight ahead of an announcement on Monday, The Globe and Mail said. Trudeau said it made no sense to sign on to a new NAFTA only to be hit by new tariffs , and is seeking safeguards.

Chapter 19, which the US had wanted eliminated and was a significant sticking point for Canada, remains in full.

Every time there is a trade deal, "we've lost", Groenendijk said.

In the end, Canada is keeping most of its complex system in place, but it is giving greater market share to USA dairy farmers.

The access to Canada's dairy market will closely mirror what was given under recently negotiated agreements between Canada and the European Union and a separate one with Pacific countries, the Canadian official said.

Dairy access: The US will be able to export the equivalent of 3.6% of Canada's dairy market, up from the existing level of about 1%. USA dairy groups said the Class 7 system was created to shut off its shipments of ultra-filtered milk to Canadian processors.

"We celebrate a trilateral deal".

Insiders got wind of a breakthrough just hours before US and Mexican trade authorities were set to publish their own trade agreement without Canada as a signatory. "Second, the pricing system allowed for Canada to be competitive to export their excess skim milk powder, taking away market share from the U.S". Dairy Farmers objected to this, too, but the once-obscure dairy classification had become a lightning rod of discontent for Trump.

Trump said the new framework will encourage USA companies to hire at home, rather than look overseas. The official was not authorized to speak publicly and requested anonymity.

President Trump and Canadian Prime Minister Justin Trudeau shake hands during a meeting in the Oval Office in February.

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